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Bitcoin Deaths 2020
2020 was another year of Bitcoin "deaths" with 20 death predictions. Looking back, these predictions proved premature as Bitcoin continued its journey.
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Death Predictions
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Critics
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All Wrong
2020 was another year of Bitcoin "deaths" with 20 death predictions. Looking back, these predictions proved premature as Bitcoin continued its journey.
"Bitcoin was a good effort, it deployed some new ideas and technology, and showed that at some scale the “block chain” idea worked, but ultimately, although a successful proof of concept, failed to deliver. It doesn’t scale, except by becoming the very thing it was supposed to replace."
"The price of Bitcoin is totally manipulated by a bunch of people, by a bunch of whales. It doesn’t have any fundamental value,” he said. “We’re close to the point where the hyperbolic bubble is going to go bust."
"While I don’t disagree that a digital payments revolution is underway, or that blockchain could offer global financial and supply chain solutions, bitcoin isn’t the vessel that’s going to make this vision a reality.…History has proved that sentiment can shift at the drop of a pin in the cryptocurrency space. I’d suggest investors keep their distance from bitcoin."
"The bitcoiners and trolls are out in force because they are terrified this entire house of cards is about to collapse, and it will. Bitcoin is a Ponzi, and all Ponzi schemes ultimately collapse under their own weight."
"Sometimes there’s something so absurd that you hardly know where to begin to make the argument, for it’s so obvious and self evident that it should not have to be explained. Bitcoin and similar cryptocurrencies are such a case."
"Bitcoin remains too volatile to be a long-term store of value like gold has traditionally done. Bitcoin’s arbitrary supply limit will severely hinder its future usefulness."
"Bitcoin has no role in institutional or retail investors portfolios. It is not a currency: not an unit of account, not a scalable means of payment & is a highly volatile store of value."
"“The blockchain itself will be critical to letting people move money around the world cheaper,” he said. (His bank made waves recently with the launch of its “JPM Coin” for wholesale banking payments). “We will always support blockchain technology.” But Dimon refused to give ground on his opposition to bitcoin. He repeated his longstanding belief that governments will ultimately more heavily regulate it (something echoed recently by fellow billionaire Ray Dalio). Oversight is inevitable for something so large, he said."
"Cryptocurrencies don’t belong in your portfolio. The reason is you can’t value them. An asset that doesn’t pay even a notional stream of cashflows — like bonds, which pay interest, or shares, which pay dividends, or property, which provides rental income — is just a gamble. By all means engage in it, like punting on a roulette wheel, for recreation, but be prepared to lose your entire stake."
"In contrast, bitcoin or other digital currencies are very likely worthless in the long term, and those are the kind of assets that investing legend Warren Buffet won’t touch. It’s these latter kinds of assets that have a greater chance to be in bubble territory because they don’t generate cash flow to support their valuations."
"Bitcoin is a terrible store of value and an equally terrible long-term investment. And the more bitcoin becomes mainstream, the more the most powerful governments in the world will make it their mission to undermine the cryptocurrency."
"Overall, bitcoin does not fulfill, or only partially fulfills the three functions of money. It is not a unit of account, nor is it a payment instrument, or a store of value."
"You can store #Bitcoin, but you can't store value as Bitcoin has no value to store. Sure Bitcoin has market value today as speculators still want to buy it. But there is no way to know if anyone of them will still want to buy it in the future."
"“Those who use cryptocurrency think they are smarter than their governments,” Rogers said to AERA dot. “In fact, I think they are correct. But their governments have something that crypto people don’t have. That is guns. The reason why I think cryptocurrency will be gone eventually is that it is not based on the armed force of governments’ power.”"
"BTC has no utility because software developers cannot build platforms and services with the BTC protocol. Therefore, it is not possible to create goods and services with BTC that bring real value to people’s lives and improve the world."
"The knee-jerk explanation from many financial experts for bitcoin's plunge was that cryptocurrencies had essentially lost their safe-haven status and were once again perceived as a risky asset. That's inconsistent with the basic investing thesis many cryptocurrency investors have in justifying their bitcoin holdings, and if it's true, it would potentially be a big blow to the idea that bitcoin offers a safe alternative to fiat currencies and assets that are tied to those currencies."
"If you wanna buy Bitcoin, be prepared to lose all your money. If you wanna buy it — buy it, but understand what’s you’ve got. It has no intrinsic value."
"Cryptocurrencies basically have no value and they don't produce anything. They don't reproduce, they can't mail you a check, they can't do anything, and what you hope is that somebody else comes along and pays you more money for them later on, but then that person's got the problem. In terms of value: zero."
"Particularly for bitcoin, the world’s largest cryptocurrency, the bank said it is “too volatile” to be a “reliable” store of value. It referenced bitcoin’s sharp price fluctuations during 2017-2018."